Alibaba’s non-fungible token (NFT) marketplace Jingtan issued one-year suspensions to more than 680 accounts for using computer programs and massage guns to make instant purchases as soon as items hit the market.
See related article: Ant Group’s NFT arm punishes users for digital collectible resales
Fast facts
- A representative from Jingtan told Forkast the company’s technical department believes some customers used massage guns to perform continuous and rapid mouse clicks over the “buy” button to secure NFT purchases.
- Computer-assisted accounts also spam-clicked the “buy” button, to gain an advantage over regular customers attempting manual clicks.
- State media has lashed out with warnings against speculative behaviors, but mainland investors are finding new methods to profit from NFTs, as digital collectibles have been trading at significantly higher prices in online resale markets.
- NFT marketplace theOneArt also penalized a batch of traders last week for using similar strategies to buy NFTs.
- Jingtan has labeled such activities “cheating” in violation of fair purchasing rules on its platform.
- The representative said NFTs in the wallets of suspended users won’t be confiscated, but “harsher penalties” will be handed out to repeat offenders.
See related article: Why Asia is poised to be the next big market for an NFT boom